Extrusion molding is an important method in the polymer processing industry. The stress concentration of polymer melts can easily occur at the contraction channel, especially at the contraction exit during extrusion molding, which causes volume defects in the final parts. To eliminate or minimize volume defects, this study examined the effects of contraction profiles and contraction lengths on the rheological behaviors of polystyrene melts based on numerical methods and algorithms in the current study. The contraction profiles included abrupt contraction, V-shaped contraction, hyperbolic contraction, and elliptic contraction geometries at different contraction lengths. A single-mode Rolie-Poly model was employed to describe the stress–strain relationship of polystyrene melt. Additionally, the finite volume method and SIMPLE algorithm were used to discretize and solve the governing equations of the fluid in a 4:1 contraction flow. Numerical simulations of the principal stress difference (PSD), stretch ratio, and velocity of polystyrene melt in the aforementioned contraction geometries were implemented. The numerical results indicate that contraction profiles and contraction length are two major factors affecting the rheological behaviors of polystyrene melts in contraction flows based on the same contraction ratio and flow rate. V-shaped contraction, hyperbolic contraction, and elliptic contraction geometries can reduce stress concentration compared to abrupt contraction. Thus, during extrusion molding, it is better to use the elliptic contraction profile with adequate contraction length to eliminate or minimize defects in parts caused by stress concentration at the sharp edge exit.